Flagstar Recognized by Freddie Mac
Flagstar Bank has achieved Freddie Mac's "Tier One Platinum" loan servicing status, the company said last month.
Freddie Mac rates servicers monthly on the basis of performance measures pertinent to both performing and nonperforming loans. The standards include investor reporting, minimizing credit losses and helping delinquent borrowers avoid foreclosure.
Servicers who reach Tier One Platinum status have had to achieve Tier One rankings in both the investor accounting and reporting and the default management categories of the servicer performance profiles for at least two quarters in 2006.
With $15.5 billion in assets, Flagstar is the largest publicly held savings bank in the Midwest. It is also a nationwide mortgage originator and servicer.
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